Fifth Third Bancorp (NASDAQ:FITB) Price Target Raised to $56.25

by · The Markets Daily

Fifth Third Bancorp (NASDAQ:FITB – Free Report) had its price target boosted by Janney Montgomery Scott from $51.00 to $56.25 in a research report report published on Wednesday,MarketScreener reports. They currently have a buy rating on the financial services provider’s stock.

A number of other research analysts have also recently issued reports on the company. UBS Group raised Fifth Third Bancorp from a “neutral” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Tuesday, January 6th. Jefferies Financial Group increased their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday, December 19th. Royal Bank Of Canada raised their price target on Fifth Third Bancorp from $52.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday. DA Davidson boosted their price objective on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Barclays increased their price objective on Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $55.66.

View Our Latest Analysis on FITB

Fifth Third Bancorp Stock Down 0.2%

Shares of NASDAQ FITB opened at $50.78 on Wednesday. The stock has a market capitalization of $33.57 billion, a P/E ratio of 14.35, a PEG ratio of 1.02 and a beta of 0.97. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $53.33. The firm’s 50 day simple moving average is $46.83 and its two-hundred day simple moving average is $44.60. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last announced its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. The company had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. As a group, analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 45.20%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value of $109,125.00. Following the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth about $357,440,000. Invesco Ltd. raised its stake in Fifth Third Bancorp by 16.6% in the second quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after buying an additional 2,941,333 shares in the last quarter. Bank of America Corp DE lifted its holdings in Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after buying an additional 2,293,939 shares during the period. Capital World Investors lifted its holdings in Fifth Third Bancorp by 6.2% in the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock worth $1,373,490,000 after buying an additional 1,803,861 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Fifth Third Bancorp by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock worth $3,448,743,000 after acquiring an additional 1,301,624 shares during the period. 83.79% of the stock is currently owned by institutional investors.

About Fifth Third Bancorp

(Get Free Report)

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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